Euro Tech Holdings Company, which is domiciled in the British Virgin Islands and engaged in manufacturing and distribution of analytical and testing equipment, published the interim results for the six months period ended June 30, 2007.
For this period, company’s revenues were $12,168,000, – a 2% decrease as compared to $12,404,000 for the same period of 2006. The reason for the decrease was probably further sales drop from distribution of foreign suppliers’ products, as more key suppliers sell their products directly in China.
Euro Tech reported however an increase in engineering revenues, contributed in the majority owned subsidiaries, – BVI registered Pact Asia Pacific Ltd. and Yixing Pact Environmental Technology Company Ltd. – the companies collectively known as “PACT Engineering†and engaged in the water and wastewater treatment solution business.
In the six months ended June 30, 2007, Euro Tech’s net profit was approximately $92,000. Net operating loss made about $73,000 for the six months ended June 30, 2006. The company reported total cash and cash equivalent as of June 30, 2007 in the amount of $11,441,000, compared to approximately $9,160,000 as of December 31, 2006. Principal reasons for the increase were proceeds from the exercise of stock options by company management and employees.
[...] The subsidiary of Euro Tech Holdings, Zhejiang Jia Huan is a company whose largest part of business is related to air pollution control, and less than 5% of its products are made for water and wastewater treatment. The company designs and manufactures automatic control systems and electric voltage conrtol equipment. [...]